Novavax, an American biotech firm, has dialled back its revenue expectations, despite roaring success from its Covid-19 vaccine.
In a statement last night, the company announced that it now forecasts full year revenue to be on the low end of its previously forecast range of between $2bn (£1.7bn) and $2.3bn (£2bn).
The company, which was involved in a row with the UK government over its Covid-19 vaccine last year, booked a $735m (£642m) revenue for the third quarter – a massive increase in comparison to the $179m (£156m) it reported last year due to the success of its coronavirus jab.
The vaccine, known as Nuvaxovid, was responsible for $626m (£547m) in sales in the three-month period.
Despite the success of its Covid-19 jab, Novavax’s spend on research and development (R&D) has slowed.
The biotech firm has injected $304m (£265m) into R&D in the past few months, down from $408m (£356m). The company put the decrease down to a $98m (£85m) uplift it received last year, as part of a settlement to a manufacturing agreement.
“Our progress in the third quarter continued as we successfully expanded our Covid-19 vaccine’s label, achieved policy recommendations globally and expanded our body of clinical evidence supporting the differentiated benefit of our vaccine technology,” president and CEO, Stanley C. Erck, said in a statement.